Last Week in Real Estate!
7/28/14 – 8/3/14
Looking back on last week, 7/28/14-8/3/14, we can see some areas are still slower than others. Great Falls Real Estate in particular had a rough week, no homes went under contract last week. Now we did have Seven go under contract the week before. For the whole month of July, 20 homes went under contract in Great Falls. Up from 13 in June but we still have a lot of inventory. We have 215 homes on the market in Great Falls, 22066 and there are a total of 32 under contract.
The Reston Single Family Home market also had a slow week. Only one home went under contract week but they have a total of 37 under contract and 62 active listings on the market.
The Townhouse market in Reston is still pretty active. There are 98 homes on the market right now but 10 went under contract last week bringing the total number of contracts for Reston Townhouses to 50.
The Condo market in Reston is very similar to the townhouse market. There are 101 active listings with 42 total under contract. Nine of those contracts were written and accepted last week.
In Potomac Falls, the Single Family market is going stronger than in both Reston and Great Falls. There are a total of 49 homes on the market. There are 29 homes under contract and Six of those went under contract last week.
We’ve been seeing this trend of Great Falls being slow for the last few months. There was a large surge in inventory in the spring once the cold, long winter was finally over. The winter kept a lot of sellers from listing and then a lot came on at the same time and the buyer’s demand hasn’t kept up with the inventory. Reston Single Family homes had a slower week than previously but this time of year can tend to slow down a little bit, also one slow week is nothing to be worried about.
The Townhouse and Condo market in Reston are still doing well. There is a decent amount of inventory but a healthy amount of homes are going under contract and selling that so it keeps things in check.
Get in touch with us if you would like anymore information on your market or for a better understanding of these numbers and what they mean!
Look at The Canto Group’s difference and see how we are selling our listings.